UBS has downgraded its rating on Santos (STO) to Reduce 2 from Neutral 2 following the initial drilling results at the company’s Jeruk project. The broker suggests the initial results from Jeruk-2ST4 have been disappointing, as the upper reservoir failed to flow a reasonable volume of oil and lower sections flowed oil and water. This has seen the broker increase its risk weighting on the field to 50% as it now sees significant downside risk.
UBS has downgraded its rating on Santos (STO) to Reduce 2 from...
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